Taxation on compromise or settlement money recd
This query is : Resolved
Vishnu kavathe
(Querist)
21 September 2016
I Have Client who Recd Rs.30 Lac As Compromise or Settlement Money In Case of Disputed Land.is any Tax Payable on this Money??, How Much it is??, It Is Liable to Capital Gain ???,Under Which Head it is taxable???.Is any Deduction is available for it ???
Amol S Joglekar
(Expert)
21 September 2016
Is it surrender of right in land?
Vishnu kavathe
(Querist)
30 September 2016
Yes Sir it is Surrendar of Right. How It is Taxable, but No Documentory Evidence is Available.
Amol S Joglekar
(Expert)
03 October 2016
it is capital gain....you can avail exemptions u/s 54EC
but why are you saying that there is no documentary evidence?
but why are you saying that there is no documentary evidence?
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